Fawcett’s Favorites 10-3-22

Every week I find a few great articles I feel are especially valuable. Following are this week’s best. I hope you find them as useful as I did.

This week’s favorites include what you will find on a physician’s bucket list, three major financial retirement regrets, conquering the tyranny of the urgent, figuring out what you want in life, and six reasons high earners fail in their quest to become wealthy.

Happy reading!

Most of us have a bucket list of the things we want to do before we ‘kick the bucket.’ In my high performance coaching program I ask my clients to move one item from their bucket list to their calendar each year. If they are all saved for after you retire you might not be able to do them all. Medscape shares a list of 20 Things on Physician’s Bucket Lists. Many of these things used to be on my list and have been crossed off. Others I am still longing to do. It was fun to read how other doctors have incorporated doing items off their bucket list while still working. What did you find on the list of interest to you?

Not finishing your bucket list might be a regret, but it didn’t make the Top Three Retirement Regrets according to The Motley Fool as published on MSN Money. Fortunately for me, I don’t have any of these three regrets. I hope you don’t have them either. If you are young, take note of these and make sure you don’t go into retirement with any of these financial regrets. 

Have you ever gotten caught up doing something urgent and it ended up taking so much time that you never got to the important things you were supposed to do? I’ve run into that problem. Or have you worked on something for a while before realizing it actually didn’t need to be done at all and you just wasted all that time? Wallet Hacks addressed this issue with The Eisenhower Matrix: How to Establish Priorities. I’ve used this matrix before, but never realize it was called the Eisenhower Matrix. 

Much of the enjoyment of life comes from figuring out what you really want out of life. It’s not what your parents want for you, not what your spouse wants for you, not what your kids want from you, but what you want for you. Have you ever asked yourself “Why am I doing this?” Vox took a dive into this question and discusses How to Figure Out What You Want Out of Life. Are you living in congruence with who you really want to be? That is one of my coaching questions for my clients. Once you figure this one out, your happiness level will increase by several notches. 

It seems like having a high income is the best way to become wealthy. But that is only one part of the equation. The other part is what you do with your high income. Many of my Financial Makeover clients come to me for help when they realize they are not getting any closer to being wealthy on an income they thought would do the trick. In fact, when we take a look at their situation, they are not surprised to find they have a lot less wealth than I had at their stage in life (That’s why they contacted me), but they are very surprised to learn they earn far more money than I ever did. Physician on FIRE shares a post from Banker on FIRE explaining Six Reasons High Earners Fail to Get Rich. Although you can get away with doing any one of these reasons and still get rich, the more of them you add to your life, the lower your odds of accumulating wealth. 

I hope you enjoy these articles as much as I did. I look forward to updating you again next week with a few more articles I find especially interesting. If you read an especially good article, send me the link so I can share it with others.

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